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Statement

ABA Statement on Today's Financial CHOICE Act Vote

     “TheHouse Financial Services Committee has taken a very important steptoward reforming the Dodd-Frank Act and providing much needed regulatoryrelief.  We commend Chairman Hensarling and members of the Committeefor their tireless efforts to help our nation’s banking industry servetheir customers and communities.   
 
     “Thethousands of pages of new regulations facing banks have become atremendous driver of decisions to sell or merge. Given the cost ofcomplying with all the new rules, some community banks are having tochoose between meeting those regulatory requirements and meeting thefinancial needs of their individual and business customers.
 
     “TheFinancial CHOICE Act addresses many of these concerns.  We’re pleasedthat it includes many provisions that ABA has long advocated, including arepeal of the Durbin interchange amendment; the TAILOR Act, whichrequires that regulations be tailored to fit an institution’s businessmodel and risk profile; the Qualified Mortgage safe harbor provision formortgages held in a lender’s portfolio; and other measures that wouldallow banks to better serve their customers and communities.
 
     “We look forward to working with lawmakers from both parties as this important process moves forward.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $18 trillion banking industry, which is composed of small, regional and large banks. Together, America’s banks employ more than 2 million men and women, safeguard $14 trillion in deposits and extend more than $10 trillion in loans.

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Jeff Sigmund

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